一家“手艺人”VC的水下8年丨入局

Core Insights - The article highlights the successful fundraising of over 1 billion RMB by a market-oriented RMB fund, Jing Shui Hu Venture Capital, within a year, indicating a positive trend in the RMB fund market [2][3] - The founder, Zhang Yi, emphasizes a focus on identifying alpha companies rather than following market trends, showcasing a pragmatic investment philosophy [3][11] Fundraising and Investment Strategy - Jing Shui Hu Venture Capital has raised a total of over 1 billion RMB in less than 12 months, including a recent 500 million RMB blind pool fund [2] - The fund has successfully attracted new limited partners (LPs) such as Yuan He Chen Kun and Xiamen Capital, while maintaining government-guided fund contributions below 30% [2][12] - The firm maintains a controlled fund size of around 500 million RMB per fund to optimize investment strategies and avoid the pitfalls of larger fund sizes [16][17] Investment Philosophy - Zhang Yi's investment approach is characterized by a focus on early-stage companies with strong fundamentals, as demonstrated by successful investments in companies like Wo Tai Energy and Polymaker [4][6][10] - The firm prioritizes investments in sectors such as smart energy, industrial technology, and algorithm-driven companies, primarily in regions like Beijing and the Yangtze River Delta [11][12] - The strategy includes a disciplined approach to exiting investments, with a focus on liquidity and timely returns to LPs [18][21] Market Position and Trends - The firm has adapted to market challenges, such as the IPO bottleneck, by establishing S funds to provide liquidity and enhance returns for existing LPs [20][21] - Zhang Yi's insights into market dynamics emphasize the importance of understanding cycles and focusing on micro-level project evaluations rather than macroeconomic predictions [22]